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Brennan Appraisal Services Appraisal ReviewsAccording to a statement by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that appraisers preparing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Brennan Appraisal Services provides appraisal review services that are independent, qualified, professional and in accordance with the Federal Reserve's regulations.A review appraisal has to determine: whether the original appraisal or evaluation is well-suited for the transaction, the risk inherit in the transaction, and whether the methods by which the collateral valuation is accomplished guarantees independence and quality. They should also announce whether the appraisal or evaluation report matches the letter of engagement, which sets forth the extent of the appraisal assignment. Lastly, the Fed also states that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to adapting our work to the processes and guidelines of our review customers, there are four Fannie Mae forms that are generally used for review services, and we will develop an appraisal review on any one of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at Brennan Appraisal Services, we are trained in all forms of appraisal reviews, review procedures and the responsibilities of review appraisers.
You can trust Brennan Appraisal Services for our independent judgment, because we offer professional, impartial, ethical appraisal review services for our customers. Contact us for more information about our qualifications, expertise and service offerings. |
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Brennan Appraisal Services is aware of what amounts to a quality appraisal and what the most common errors are, particularly when it comes to our local housing market.
In the same regard, the professionals at Brennan Appraisal Services are amply experienced to admit that our competition in our market are capable of a great job.
The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews and appraisal reports, and you can rely on us to objectively look over appraisal reports performed by others. And those others could be studying our work, too!